WEST JORDAN — A woman from Utah believed she had stumbled upon a great opportunity for extra income, but after spending a significant amount on herself and her family, she now worries the money may be lost.
“It wasn’t about wanting to be wealthy or drive a fancy car. I just wanted to help my family,” she shared.
Exciting Events
Shan, who preferred not to use her full name, attended a lively BG Wealth Sharing event last month at the Mountain America Expo Center, which certainly wasn’t your typical financial seminar.
“They even gave away a Tesla,” Shan recalled. “Plus iPhones—some were even sold for cash. It was quite the production.”
Many participants were convinced by BG Wealth Sharing’s pitch, investing money they had earned through day trading in Bitcoin with hopes of substantial returns.
Shan noted that some attendees traveled from out of state. The event featured not just prizes, but also dinner, dancing, and an awards ceremony.
“People were sharing stories about how it transformed their lives,” she added.
There was also a ribbon-cutting ceremony for BG Wealth Trading’s new office in West Jordan.
“I felt a sense of belonging,” Shan remarked. “I mean, who wouldn’t?”
A friend had presented her with the investment opportunity, and Shan felt a sort of pressure to involve others.
“It’s like wanting to share with loved ones who you know are struggling,” she remembered.
A few months down the line, Shan claimed her BG Wealth Sharing online wallet had swelled to around $15,000.
That’s when the twist came. She learned she would need to pay an extra 12% of her balance—in advance—to access her funds. That added up to about $1,800, which she didn’t have.
“You can see it, but you can’t touch it,” she explained.
That’s when she reached out to KSL for help.
KSL investigators checked the West Jordan office, discovering a handwritten note on the locked door indicating that they were awaiting business license approval from the city. The memo also thanked members for their patience.
Contacted for details, the building landlord confirmed BG Wealth Sharing was renting the space but couldn’t provide further information.
West Jordan officials confirmed that a business license application had been submitted. Additionally, BG Wealth Sharing registered a certificate of organization with the Utah Department of Commerce, listing Richard Chia as its registered agent and manager.
Attempts to reach Chia were unsuccessful.
Fraud Allegations
KSL consulted with state regulators familiar with the company.
“BG Wealth is an international fraud,” stated Robert Cummings, director of the Utah Division of Securities.
An investor alert was issued in March, cautioning that the company had “no record” of registration in Utah for selling securities or investment advice. They were also accused of falsely claiming to be licensed by the Securities and Exchange Commission.
In April, U.S. authorities seized the BG Wealth Sharing website.
Warnings about the organization have also come from officials in Hawaii, Washington state, Alaska, Louisiana, as well as countries like New Zealand, Tonga, Samoa, the Philippines, and the United Kingdom.
Cease and Desist
Recently, the Alberta Securities Commission in Canada issued a cease and desist order against BG Wealth Trading, Ltd.
“Members were presented with account balances showing inflated returns, believed to be fake to build trust in the platform,” the commission reported. “Currently, there is no evidence that any legitimate transactions occurred.”
Cummings advised anyone who sent money to BG Wealth to report it to the Utah Securities Department. He emphasized that there should be no further payments to access accounts, labeling the 12% request as a classic scam tactic.
“When fraud collapses, they resort to upfront fees, saying, ‘Give me 12%, and I’ll transfer your money,'” he described. “This is just a strategy to collect more before it all unravels.”
“I’m really frustrated,” Cummings expressed. “In these tough economic times, hard-working Utahns are losing their retirement savings, mortgage funds, and money for basic needs.”
Lingering Doubts
“You believed it. That’s what you believed,” Shan reflected. “If you look online now, many still have faith in it.”
She fears she might never see her money again.
“I want the truth—not just for me, but for those I care about.”
The situation is still evolving. Cummings noted that the FBI, U.S. Department of Justice, and global securities regulators are investigating the funds linked to BG Wealth Sharing.
KSL investigators tried multiple times to reach the individual who identified himself as the manager and organizer of the West Jordan BG Wealth Sharing office, but he did not respond.
If anyone has invested in BG Wealth Sharing, the Utah Division of Securities is urging you to get in touch. They recommend sharing your experiences on their website. Also, it’s best not to send more money to anyone offering to help you recover your funds.
